J.P. Morgan Maintains Neutral on EnergySolutions (ES)

J.P. Morgan is out with its report today on EnergySolutions ES, maintaining Neutral. In a note to clients, J.P. Morgan writes, "Although we're lowering our 2011E EBITDA estimate by 15%, guidance excludes upside drivers, such as potential contract wins and goverrnment work outside traditional work for DOE. SG&A reductions ($14-16mm in '11, $10mm in '12) should support margins, though pressure in Federal and Int'l appears a bit more pronounced than we expected, while accretion of the Zion ARO will dampen EBITDA. The tax rate (33-36%) was also a bit higher than we expected, impacting EPS. We rate ES Neutral." Shares of ES closed Thursday at $5.96.